Yesterday, gold demonstrated clear positive trades as it nears our anticipated target of $2450. This strengthens expectations for a sustained bullish trend in both intraday and short-term perspectives, with potential to exceed this level for further gains in the long term.
We maintain a bullish outlook for the near future, supported by the EMA50. However, caution is advised upon approaching the crucial resistance at $2450, which could trigger significant sell-offs and lead to sudden price declines. Conversely, breaking below $2392 would halt the bullish momentum, potentially testing support around $2340.10 before any recovery attempts.
Expected Trend
Today's expected trading range is between support at $2415 and resistance at $2450.
Forecast: Bullish
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